By Glen Hallick, MarketsFarm
WINNIPEG, April 1 (MarketsFarm) – Intercontinental Exchange (ICE) canola futures were lower at midday Thursday, with the old crop months taking the larger declines.
A Winnipeg-based trader said yesterday’s limit up selling spurred farmer selling, but that has since changed.
“As you turn the market lower…you’re getting some spec liquidation,” he said, noting there’s also the squaring of positions prior to the Good Friday holiday tomorrow. Trading will resume on Monday, April 5.
The Canadian dollar was relatively steady, with the loonie at 79.60 U.S. cents compared to Wednesday’s close of 79.52.
Following Wednesday’s limit up move, ICE issued a notice after trading closed that it increased the daily limit from C$30 per tonne to C$45 effective today.
Approximately 18,400 canola contracts were traded as of 10:36 CDT.
Prices in Canadian dollars per metric tonne at 10:36 CDT:
Price Change
Canola May 742.10 dn 15.00
Jul 703.00 dn 15.00
Nov 609.70 dn 9.80
Jan 611.00 dn 11.70
